SWSOLAR
Micro CapSterling and Wilson Renewable Energy Limited
Infra
Sterling and Wilson Renewable Energy Limited (SWSOLAR) is a leading global solar EPC and O&M solutions provider. It offers design, engineering, procurement, construction, installation, commissioning, and O&M services for utility-scale, floating solar, and solar-plus-storage projects across 28 countries.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust needs verification, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 40/100Rev -23% YoY · PAT +158% YoY · margin expansion · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,946 Cr | -22.8% | -7.0% |
| EBITDA | ₹146 Cr | +9.0% | +117.9% |
| Operating margin | 7.0% | +200 bps | +400 bps |
| PAT | ₹142 Cr | +158.2% | +7000.0% |
| PAT margin | 7.3% | +512 bps | +720 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
SWSOLAR reports highest annual turnover post-IPO of INR 7,548 crore (+20% YoY) and record FY26 order inflows of INR 10,062 crore (+43% YoY). Q4 FY26 PAT reached INR 142 crore, highest quarterly PAT since listing, with gross margins improving to 12.0%.
Strong order inflows and execution in FY26, particularly in Domestic EPC, indicate robust growth. Improving gross margins and declining net debt are positive. The O&M portfolio expansion provides a stable annuity stream. Litigation-related exceptional items impacted annual PAT, but Q4 performance was strong.
Revenue by Segment (Q4 FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Domestic EPC
Robust order inflows has driven Domestic UOV as of Mar 26 to INR 9,251 crore.
International EPC
South Africa was a key market in FY26; Africa/Middle East expected to remain main focus region.
O&M Business
O&M Portfolio stands at 13.5 GW as of March 2026, with further increase anticipated from organic growth and third-party acquisitions.
Hybrid & Energy Storage
Offers solar plus storage solutions and Hybrid projects including Wind.
Commissioned Capacity
Commissioned 4.5 GW AC capacities in FY26, highest annual commissioned capacities.
O&M Portfolio Growth
O&M Portfolio has grown ~7X in 8 years, from 1.8 GW in FY2018 to 13.5 GW in FY2026.
India Solar Market Growth
Projected annual 'Utility-Scale + Commercial' PV installations in India to grow from 37.9 GW in 2025E to 58.6 GW in 2030E.
International Market Outlook
Core international markets' outlook is also promising, with EMEA projected to grow.
Strong Order Pipeline
Bid pipeline for FY27 is 31 GW.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Annual (YoY) comparison is crucial for assessing overall growth and strategic direction in a project-based business. Quarterly (QoQ) comparison is important for tracking execution momentum, margin trends, and working capital management.
Order Inflow
FY26 order inflows of INR 10,062 crore (+43% YoY).
Unexecuted Order Value (UOV)
Current UOV of INR 11,813 crore as of Mar 2026, highest post-COVID.
Revenue from Operations
FY26 Revenue from Operations of INR 7,548 crore (+20% YoY), highest annual turnover since listing.
Gross Margin
FY26 Gross margin of 10.5% (vs 10.1% in FY25). Q4FY26 gross margin 12.0% (vs 10.4% Q4FY25).
Gross Margin Expectation
Expect Gross margins for EPC businesses to stabilize around 8-10% (depending on Turnkey/BOS), and O&M at ~20%.
EBITDA Margin Reflective
EBITDA margins are more reflective of steady-state levels.
International Focus
Africa / Middle East is expected to remain our main focus region for International EPC.
O&M Strategy
Streamlining operations to improve efficiency / margin in O&M business.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Inflow | INR 10,062 crore (FY26) | Sustained high order inflows and conversion to Unexecuted Order Value. |
| Unexecuted Order Value | INR 11,813 crore (Mar 2026) | Timely execution and maintenance of healthy order book. |
| Net Working Capital | Negative INR 329 crore (Mar 2026) | Continued negative working capital and efficient cash flow management. |
| O&M Portfolio | 13.5 GW (Mar 2026) | Growth in O&M portfolio, especially third-party acquisitions. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
46Neutrallabel neutral
Technical chart
SWSOLARdaily · 6M-0.7%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 54. Wait for confirmation.
- SMA20 falling (~7.1% over last month) — short-term momentum negative.
- RSI(14) at 54 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 13% off 52W high · 36% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 54.9%.
- Quality contributes 20/20 to the score.
- Growth contributes 18/25 to the score.
Main drags
- Promoter pledge is 27.6%.
- Balance sheet is weaker at 0/15; verify the latest quarterly trend.
- Cash flow is weaker at 3/10; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +4 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 21st percentile of the scored universe and 29th percentile within Infra. Main check: balance sheet trust is weak at 39/100.
Mixed Trust Lite: 4 years of positive FCF. Key concern: Promoter pledge is elevated at 27.6%.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Infra: 29th pctile, median 65 · Micro: 13th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸4 years of positive FCF.
- ▸ROCE is 26.2%.
- ▸7/8 recent quarters had positive YoY revenue growth.
Trust risks
- ▸Promoter pledge is elevated at 27.6%.
- ▸Operating cash flow is negative at ₹-257 Cr.
- ▸2 recent quarters had PAT decline worse than 25% YoY.
- ▸Debt/equity is 1.84.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 17.60
- P/B
- 7.09
- EV/EBITDA
- 18.48
- Market Cap
- 4593.00Cr
Profitability
- ROE
- 31.40%
- ROCE
- 26.20%
- ROA
- -5.57%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 8.00%
- EPS 5Y
- 24.00%
- Revenue 3Y
- 55.00%
- EPS 3Y
- 31.00%
Balance Sheet
- Debt/Equity
- 1.84
- Interest Coverage
- 1.96×
- Altman Z
- 2.41
- Book Value
- 27.80
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 4/5
- OCF
- -257.00 Cr
- EPS TTM
- -13.25
Shareholding
- Promoter Hold
- 45.73%
- Promoter Pledge
- 27.60%
- Momentum 52W
- 24%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Infra — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.